April 28, 2016 5:18 pm | Updated 2 years ago.
British financial institution, Lloyds Banking Group, is in the process of offshoring part of its IT jobs to India. It is part of the company’s strategy to reduce its UK IT workforce. According to the bank, it has also created about 195 jobs in the UK and hence the total loss of jobs in the UK will not be much.
The cutting down of jobs in the UK is part of their three-year plan to cut cost and close around 150 branches. The company plans to increase the digitization process and focus more automation. The bank further plans to close about twenty-one branches in July 2016.
John Morgan-Evans of union Unite finds it alarming that IT jobs are being gradually moved to the offshore location. He reiterates that this strategy to cut down cost will not only harm the workforce in the UK but also affect customers in the long run. Various other organizations in the UK are also in the process of increasing their offshore IT workforce.
Date of Publication: April 25,2016